China’s ultra-wealthy have been on a philanthropic tear this year, but behind the surge in private gift-giving looms the hand of the Chinese government. China’s billionaires are becoming terribly generous of late.
Ever since Alibaba founder Jack Ma criticised Chinese financial regulation in a speech last October, a regulatory storm has pummelled the country’s entire online financial and consumer sector.
Since the Chinese authorities suddenly halted fintech conglomerate Ant Group’s planned initial public offering in autumn 2020, its parent company, e-commerce king Alibaba, has been facing harsh regulatory scrutiny.
The Chinese fintech conglomerate Ant Group, known for its digital payments and other online financial services, has just been stopped in its tracks, after Chinese regulators suspended its simultaneous public listing, originally scheduled for 5 November, on the Hong Kong and Shanghai Stock Exchanges. The suspension is possibly in response to a recent speech by Jack Ma, Ant’s controlling shareholder, who was critical of financial regulations that he believes show insufficient understan
Jack Ma stepped aside as leader of the Alibaba Group on Tuesday, ending a spectacularly successful 20-year run during which the charismatic former English teacher’s e-commerce company left a profound impact on China's economy.Ma, who also turned 55 on Tuesday, said farewell in a speech in the eastern city of Hangzhou where Alibaba is based, thanking employees and predicting a smooth transition to a team of executives led by CEO Daniel Zhang.“Today is not Jack Ma’s retirement.
Last October, Alibaba Group co-founder Jack Ma revealed that he was in discussion with the Indonesian government regarding the possibility of opening an institute to train tech entrepreneurs in the country. This, he said, would help Indonesia meet the skill demands of Industry 4.0, also known as the Fourth Industrial Revolution (4IR).
Less than two weeks ago, Alibaba Group co-founder Jack Ma revealed that he was in discussion with the Indonesian government regarding the possibility of opening an institute to train tech entrepreneurs in the country. This, he said, would help Indonesia meet the skill demands of Industry 4.0, also known as the Fourth Industrial Revolution (4IR).
Alibaba and Tencent are two household names in the global technology sphere. For a long time now, these two Chinese giants have slugged it out on their home turf in a struggle to achieve dominance in the growing Chinese internet consumer market. Having had a duopoly advantage thanks to China’s “Great Firewall,” these two, battle-hardened titans of the tech industry have sought to extend their businesses beyond their borders.
Jack Ma is making plans for a future after Alibaba Group Holding Ltd., the business he co-founded and turned into Asia’s most valuable company.Ma will unveil succession plans Monday and work on the transition over a significant period of time, according to the South China Morning Post, the Hong Kong newspaper owned by Alibaba.
On 18 June 2018, the founder of e-commerce conglomerate Alibaba, Jack Ma launched the company’s office in Kuala Lumpur. The office is Alibaba’s first in Southeast Asia and will be the first Electronic World Trade Platform (eWTP) hub outside of China. The eWTP is a concept coined by Jack Ma which involves the creation of digital free-trade zones where small and medium-sized enterprises (SMEs) can easily plug into global trade via e-commerce.
Jack Ma’s shopping spree is starting to weigh on Alibaba’s bottom line just as profit and revenue growth ease. And investors have shaved about $60 billion off its market value to voice their displeasure.Alibaba Group Holding Ltd. is projected to post its first decline in profit in a year and a half – the result of folding in major loss-making businesses and heightened spending to fend off a charge by Tencent Holdings Ltd. into retail and payments – traditionally its turf.
Jack Ma, the billionaire co-founder of Chinese e-commerce giant Alibaba, urged Mark Zuckerberg to tackle the growing criticism aimed at Facebook Inc. by regulators and users around the world, and “really take it seriously.”China’s richest man and chairman of Alibaba Group Holding Ltd. on Monday weighed in on the controversy, calling on his fellow internet pioneer to “fix” a social network that had grown explosively over the past decade and a half.
